Okeanis Eco Tankers reported its unaudited condensed financial results for the first quarter of 2025.
Financial performance of the First Quarter Ended March 31, 2025
• Revenues of $80.1 million in Q1 2025, compared to $111.1 million in Q1 2024.
• Profit of $12.6 million in Q1 2025, compared to $41.6 million in Q1 2024.
• Vessel operating expenses of $10.5 million in Q1 2025, compared to $10.6 in Q1 2024.
• Earnings per share of $0.39 in Q1 2025, compared to $1.29 in Q1 2024.
• Cash (including restricted cash) of $43.0 million as of March 31, 2025, compared to $54.3 million as of December 31, 2024.
Alternative performance metrics and market development*
• Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $48.6 million in Q1 2025.
• EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of $33.8 million and $32.5 million, respectively, in Q1 2025.
• Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of $11.4 million or $0.36 per basic and diluted share in Q1 2025.
• Fleetwide daily TCE rate* of $38,500 per operating day in Q1 2025; VLCC and Suezmax TCE rates of $38,000 and $39,200 per operating day, respectively, in Q1 2025.
• Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,233 per calendar day, including management fees, in Q1 2025.
• In Q2 2025 to date, 72% of the available VLCC spot days have been booked at an average TCE rate of $46,700 per day and 64% of the available Suezmax spot days have been booked at an average TCE rate of $50,600 per day.
Declaration of Q1 2025 dividend
The Company’s board of directors declared a dividend of $0.32 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on June 12, 2025, to shareholders of record as of June 3, 2025. The common shares will be traded ex-dividend on the NYSE as from and including June 3, 2025, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including June 2, 2025. Due to the implementation of the Central Securities Depository Regulation in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about June 17, 2025.